Destiny8372
16.01.2020 •
Business
Barnes books allows for possible bad debts. on may 7, barnes writes off a customer account of $5,300. on september 9, the customer unexpectedly pays the $5,300 balance. record the cash collection on september 9.
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Ответ:
The cash collection on September 9 is records by the entry:
Debit Cash $5,300
Credit Accounts Receivable $5,300
Explanation:
Barnes Books allows for possible bad debts. On May 7, the company writes off a customer account. The journal entry:
Debit Allowance for Doubtful Accounts $5,300
Credit Accounts Receivable $5,300
On September 9, the customer unexpectedly pays the $5,300 balance. The journal entries:
1. Debit Accounts Receivable $5,300
Credit Allowance for Doubtful Accounts $5,300
2. Debit Cash $5,300
Credit Accounts Receivable $5,300
Ответ:
see below
Explanation:
In this transaction, Rs. 700 is used to pay for rent that the proprietor uses for personal use. The transaction will be captured in the drawings account. A drawing account is used to track all the money owners take from a business for personal use. The amount taken to pay rent, Rs. 700 will be debited Drawings A/c.
The transaction will decrease cash ( asset account) by Rs. 700. A decrease in assets is credited. Therefore, the cash account will be credited by Rs.700
The journal entry will be
Drawings A/c Dr. Rs.700
Cash A/c. Cr Rs.700